Hi,
I had a property valued by the RICS valuer at £950,000 when my father passed away just over a year ago. The market hasn't moved in this area and flats in the same building have sold for £900,000 or less and mine is more dated for sure than theirs and in need of more work. It's looking like an over valuation of £50000-£70,000 roughly so the IHT isn't insignificant.
I'm aware that if i then sold it it would qualify as a capital gains loss/any future capital gain in the future would be mitigated by the over valuation today. However, this is actually my "first home" as i was a renter before and i'm now living in it, thus i wouldn't face any capital gains anyway on any sale (i'm not going to sell it for years, if ever).
Part of the problem is that my only 1/3rd of the flats are my size (the smallest) and none of this size had been sold recently. Thus the surveyor from his report worked from the larger flats valuations and estimated what something this size would be worth based on that: subsequent data which is more comparable (ie one with the exact same floor plan) shows my flat has definitely been over valued. No one would pay £950,000 for this, period.
Is there anything I can actually do about this or do I just have to stomach it?
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